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An important set of EU directives covering banks and similar credit institutions came into effect on January 1, Fraser and Mortimer-Lee ; European Commission ; and Goldstein, Folkerts-Landau, and others The Second Banking Coordination Directive created a single passport for a bank operating in one EU-member state to conduct business in other member states, either through a branch or on a cross-border basis. To complement the single passport, the directive also specified certain minimum regulatory standards for banks chartered in member states. The Own Funds Directive and the Solvency Ratio Directive introduced a system of minimum ratios of bank capital to risk-weighted assets, with the weights defined at least in broad terms by the level of credit risk inherent in different categories of assets.

These two directives corresponded closely to capital rules developed by the Basle Committee on Banking Supervision, which came into effect at the same time as the EU directives. Major shareholders of German banks were made subject to checks by the Federal Banking Supervisory Office, whereas only managers had previously been subject to such checks.

As in other countries, the implementation of the Own Funds Directive created two categories of capital, core capital and additional capital known as Tier I and Tier II under Basle rules. An important issue in Germany was the extent to which hidden reserves of German banks should be counted in additional capital.

These hidden reserves consist of unrealized—and previously unreported—gains on the value of assets held by banks. The decision was reached that hidden reserves up to 1. The types of hidden reserves eligible for such capital were limited to unrealized gains on real property, listed securities, and—for savings banks and credit cooperatives—holdings in affiliated enterprises and in investment funds.

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Critics of this decision, including the Bundesbank, argued that hidden reserves should not be included in own funds because capital based on these unrealized gains was unreliable and dependent on volatile market values. On the other hand, such hidden reserves are widely known to exist on the books of German banks, and any move to a more explicit recognition of such reserves may increase the transparency of German bank accounts, in turn making it easier for international investors to assess the creditworthiness of the banks and to provide funds to the banks.

Bank financial statements for the year marked the beginning of German compliance with the EU Directive on Bank Accounts of Compliance entailed changes in German bank accounting law that, among other adjustments, required banks to provide a more accurate disclosure than previously of their provisions against loan losses. This is likely to make reported bank earnings more variable while making bank accounts more transparent Waller The Large Exposures Directive tightened restrictions on the exposure of German banks to individual counterparties.

In keeping with the expanded participation of German banks in the international derivatives market, one of the provisions of the act was to extend existing German large exposure restrictions from loan exposures to credit risks on all exposures, including derivatives. The directive harmonized the nature of this consolidation across the EU. The issue of consolidated supervision, which a series of agreements by the Basle Committee on Banking Supervision have also addressed Goldstein, Folkerts-Landau, and others , has become more important internationally in recent years, especially in the wake of the collapse of the Bank of Credit and Commerce International in These directives are scheduled to be effective at the end of , but they will require additional changes in German law that have not yet been formally proposed by the Government.

The ISD will establish a single passport for firms involved in a range of investment businesses and permit these firms to join local exchanges.

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This directive will thus allow foreign securities firms to operate in Germany to a much greater extent than before. With the exception of certain brokers, foreign securities firms carrying out securities activities in Germany must currently establish a German subsidiary licensed as a credit institution. The CAD creates rules governing capital that both banks and nonbank investment firms must allocate to cover market risks on trading assets. It requires that banks separate their assets into trading assets, governed by the CAD, and banking assets, governed by the Solvency Ratio and Own Funds Directives.

Such a split would be new for German banks. In March , the Basle Committee on Banking Supervision proposed a set of rules covering the same types of market risk as the CAD; these rules would apply to internationally active banks in Germany and other Group of Ten countries. If the Basle proposal is finalized, the rules will become effective at the end of In the past five years, the German authorities and market officials have introduced measures to increase, at least potentially, the flexibility and liquidity of German financial markets.

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One such set of measures involves the restructuring of the stock exchanges. The new corporation also took over the DTB and the securities clearing agency the Deutscher Kassenverein as subsidiaries. The seven regional stock exchanges took a minority stake in the Bdrse, but most of it is owned by banks, which collectively hold an 80 percent stake.

The supervisory board of the Bdrse is dominated by large universal banks, which at its inception were expected to use the new corporation as a vehicle to modernize German securities markets Saunderson The creation of the corporation represented an initial step toward centralizing German securities trading in Frankfurt. Observers have frequently claimed that the diffuseness of trading on eight separate exchanges reduces the liquidity of German markets, as quotes for the same security can differ between exchanges.

This trend toward the centralization of German stock exchanges was recently accelerated. The three largest exchanges, Dusseldorf, Frankfurt, and Munich, agreed in May to merge much of their operations, including share pricing, supervision, and share registration, although the ownership structure of the three exchanges will remain separate. The exchanges agreed to have major German equities the components of the DAX index trade jointly on the three exchanges, but to divide trading in smaller equities, which will be traded on only one of the three exchanges.

These three exchanges together account for 90 percent of German trading volume, with 75 percent on the Frankfurt exchange alone. It is possible that other exchanges will also join in this venture. Also in May, the Deutsche Bdrse announced plans to move to completely electronic trading by The Bdrse is planning to develop a new system that will replace its current IBIS system for trading thirty major issues and then to move trading in other issues from the current manual system to the new electronic system.

To the extent that these changes lower costs and centralize trading, they may increase liquidity in the stock exchange and possibly attract trading in German securities back from London. Several regulatory changes in recent years have also increased liquidity and flexibility. In , the first Financial Markets Promotion Act increased the range of investments open to German investment funds. This law allowed funds to invest in derivatives and money market instruments to a limited extent Bundesbank March In addition, the regulatory regime for special investment funds, which are funds not open to the general public, was liberalized Bundesbank October The creation of the German commercial paper market in discussed above can also be seen as an increase in flexibility of German markets.

Other provisions of the act may help increase liquidity in German equity markets. The act reduced the minimum par value of German shares from DM 25 to DM 5, which will permit German companies to divide their shares into smaller, lower-priced units to appeal to retail investors Waller b. The lack of interest of German individual investors in equity investment has been a source of concern see Section 3.

The act also included provisions to boost the liquidity of German securities markets by making it easier to borrow and lend securities. This will permit securities dealers to manage their inventory more efficiently and will therefore reduce the cost of acting as a dealer and providing liquidity to the market.

Another important tool for securities market liquidity, the repurchase agreement, remains inhibited in Germany, because bank borrowing through repurchase agreements is subject to reserve requirements. As discussed in the previous section, Germany has made considerable changes to its banking and financial system. Despite these changes, however, serious issues remain open.

While additional foreign presence in German markets may promote competition and therefore efficiency, these competitive pressures may also threaten German financial structure. German economic achievement has relied on a bank-dominated system of finance without a high degree of transparency. While in some ways such a system may inhibit competition and therefore efficiency, the close relationships between banks and corporations in this system arguably can enhance economic efficiency, by facilitating monitoring and control of corporate managers.

The structure of the German financial system also may promote financial stability, both through the stabilizing effect of house banks on corporate financial conditions and through the macroeconomic stabilization of the German monetary structure. The recent policy measures discussed above, along with the trends toward greater internationalization discussed in section 1, have clearly produced pressure for change on many aspects of the German financial system and have raised potential tradeoffs between stability and efficiency.